Rivian Automotive (NASDAQ:RIVN) Stock Price Up 1.9% - Here's Why

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares rose 1.9% on Thursday . The company traded as high as $13.43 and last traded at $13.45. Approximately 5,978,147 shares were traded during trading, a decline of 82% from the average daily volume of 33,315,608 shares. The stock had previously closed at $13.20.

Wall Street Analyst Weigh In

RIVN has been the subject of a number of recent research reports. The Goldman Sachs Group dropped their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating for the company in a research note on Thursday, April 10th. Guggenheim reaffirmed a "buy" rating and issued a $16.00 target price on shares of Rivian Automotive in a research note on Tuesday, May 6th. Wells Fargo & Company lowered their target price on shares of Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating for the company in a research note on Wednesday, May 7th. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $15.00 target price on shares of Rivian Automotive in a research note on Wednesday, May 7th. Finally, Mizuho upped their target price on shares of Rivian Automotive from $11.00 to $13.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Three research analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $14.38.

Rivian Automotive Trading Down 2.2%

The firm has a market cap of $14.73 billion, a P/E ratio of -3.50 and a beta of 1.81. The business's 50-day moving average is $14.19 and its two-hundred day moving average is $13.10. The company has a debt-to-equity ratio of 0.71, a current ratio of 3.73 and a quick ratio of 2.80.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share for the quarter, beating analysts' consensus estimates of ($0.80) by $0.23. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $981.52 million. Rivian Automotive had a negative net margin of 76.83% and a negative return on equity of 60.64%. The firm's revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter last year, the firm earned ($1.48) earnings per share. As a group, analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 17,185 shares of Rivian Automotive stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $15.39, for a total value of $264,477.15. Following the completion of the transaction, the chief financial officer owned 824,875 shares of the company's stock, valued at $12,694,826.25. This trade represents a 2.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 107,144 shares of Rivian Automotive stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $15.25, for a total transaction of $1,633,946.00. Following the completion of the transaction, the chief executive officer directly owned 1,483,111 shares of the company's stock, valued at approximately $22,617,442.75. This trade represents a 6.74% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 241,407 shares of company stock valued at $3,553,883. Insiders own 2.16% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Brighton Jones LLC boosted its holdings in shares of Rivian Automotive by 28.0% during the 4th quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker's stock worth $235,000 after buying an additional 3,864 shares during the period. Proficio Capital Partners LLC bought a new stake in shares of Rivian Automotive during the 4th quarter worth about $487,000. Raymond James Financial Inc. bought a new stake in shares of Rivian Automotive during the 4th quarter worth about $9,432,000. Sequoia Financial Advisors LLC boosted its holdings in shares of Rivian Automotive by 49.8% during the 4th quarter. Sequoia Financial Advisors LLC now owns 14,988 shares of the electric vehicle automaker's stock worth $199,000 after buying an additional 4,983 shares during the period. Finally, Avantax Advisory Services Inc. boosted its holdings in shares of Rivian Automotive by 104.0% during the 4th quarter. Avantax Advisory Services Inc. now owns 23,205 shares of the electric vehicle automaker's stock worth $309,000 after buying an additional 11,831 shares during the period. Institutional investors own 66.25% of the company's stock.

About Rivian Automotive

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.